Delaware Nesties
mrsskiz
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Ladies that have had houses built
How does that whole situation work? Like you sit down and pick out what you want and put a down payment down and then dont pay anything again until settlement? A lot of the houses we really like will need to be built, which is actally the way we might be leaning.
Re: Ladies that have had houses built
Pretty much. We had to put a certain amount down, I think ours was 5K to get it started. Then you sign papers on what model you want, which lot, what upgrapes etc and I think we paid the rest of our down payment.
Then we got approved for the mgt. After that, you just sit and wait for the house to get done. We had to resend some paperwork through out the building process to reconfirm some things (money in the bank, etc) since it takes a few months. They will tell you not to get any new credit cards, any big purchases etc until after settlement. Basically don't screw up your credit score in the meantime. Common sense, but we all know common sense isn't common.
Payments start after settlement. I think we settled in May and first mtg payment was in July. The builder's mgt company had already sold our mgt during that time to Bank of America.
You do it through NVR? I think that's the name of their game. My parents had them for 3 houses and they sold the mortgages to a different bank right away.
Say you walk through a model & talk to someone, but don't make a decision that day. A week later, you decide you want to move forward & have your realtor with you when you go back. The builder - if they keep good records - doesn't need to offer your broker a commission because your broker doesn't technically have procuring cause.
It's a mess. If you want to use your realtor, take him with you whenever you do a site tour/model home tour.
boy (n): a noise with dirt on it
Just something to keep in mind - You only have a certain window to lock in the interest rate for your mortgage. We started the process in December and didn't settle until March. I think we locked the rate in February...and it was a full point higher than it had been in December.